Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Today another four resigned from the coalition. If the Germans or French were told that they needed to surrender sovereignty of their budget process I doubt that they would accept it either. Quite frankly with the anti german feelings in Greece I am surprised that the embassy has not been burnt down by now. Maybe it is just a matter of time. Once the masses have lost everything they will through out the politicians. Maybe the stripping of political privileges will follow, no more pensions for politicians, or forcing them to accept significant pay cuts?

Norme says 7 years ago

So, what you’re saying is they are achieving cuts in public wages and pensions already. Cool.

Most people would argue that this wasn’t really a government resulted from an electoral process anyway. When the great European Powers dictate what other nations should or should not do, tensions will arise.

Debts that can’t be repaid, won’t be. It’s not like it wasn’t known in official circles that Greece (their political class) was taking advantage of the EU system and spending money it didn’t have. Greece was tacitly allowed to get so far off the point of no return.

“Once the masses have lost everything they will through out the politicians. Maybe the stripping of political privileges will follow, no more pensions for politicians, or forcing them to accept significant pay cuts?”

Well, that could happen, but it’s not like most politicians actually depend on their pensions. ;) The more worrying development would not be strictly internal. Extremist elements may eventually organize and identify a foreign enemy, and fight it using “unconventional” attacks on its soil.